Weekly Tip: Tips for a Better Filing Submission


Weekly Tips

Tips for a Better Filing Submission


You have located and reviewed the applicable Uniform Standards, now you are ready to create your Insurance Compact product filing submission. This week's Weekly Tip will help remind you about a few key steps that will enhance your filing preparation and submission process.

Last summer, the Insurance Compact introduced a new tool - the Best Practices Checklist -- designed to help filers minimize common errors in their filing submission. The Best Practices Checklist is not a filing submission requirement but a resource for filers to ensure they have properly followed the filing requirements for submitting an Insurance Compact filing thus streamlining the review process and avoiding some commonly- issued objections. The Best Practices Checklist may be found on the Insurance Company Resources page of the website.

One key element in filing preparation is the use of the proper Type of Insurance (TOI) and Filing Type in SERFF. The Compact's submission requirements are constructed by Filing Type and the TOI. It is important that the correct Filing Type and TOI are selected when constructing your filing. If you are not sure which TOI is right for your submission or which TOI is associated with the applicable Uniform Standard, use the TOI Link - another Insurance Compact tool -- found on the Insurance Company Resources page.

Another tip is to use the Filing Description field under the General Information tab to provide detailed information about your product filing submission. Taken together with other information under the General Information tab in SERFF, this description provides the Insurance Compact with a snapshot of your filing. The Insurance Compact's review team and members use the information in this field to "eyeball" incoming filings to better understand your product needs, identify possible issues and communicate quickly with the filer when needed. This is part of the "Preliminary Check". Do not attach a cover letter in a filing submission to the Insurance Compact; rather, all "cover letter" information should be in the Filing Description field.

Similarly, the recently implemented "Additional Benefits" field should be used to identify benefit features that would not be identified in the TOI or sub TOI selected for the filing. For example, if your filing submission includes a Market Value Adjustment (MVA), Index linked components, Bonus features, to name a few, please take advantage of the Additional Benefits field to describe these features which may not be readily apparent from selected TOI or sub-TOI.

It is also very important to submit your documents in the proper format. The review process is geared toward using the proper Adobe tools for comparisons, document and compliance language. To accomplish this, searchable PDF (Adobe) documents must be submitted. PDF documents that are scanned copies of other documents are not searchable. When the reviewers are unable to use the compare documents and search features or copy/paste it makes a filing more difficult to review and increases review time.

under the appropriate "Tab". If you submit Disclosures and Illustrations for informational purposes they should be included under the Supporting Documentation tab and not included on the Forms tab. Additionally, all information related to a particular submission requirement should be provided under that submission requirement. For instance, all actuarial information should be submitted under the Actuarial memorandum submission requirement. The exception to this is that all rates actuarial information for long term care and disability income product filings should be provided under the "Rates Schedule" tab.

If you have any suggestions for additional best practices, please let us know by using our suggestion or comments boxes on the Compact website.

Questions regarding best practices, please do not hesitate to contact the IIPRC Office.